Mr. Shane Madden reports

HYDREIGHT ACHIEVES RECORD REVENUE, FILES AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR 2023

Hydreight Technologies Inc. has filed its audited financial statements for the 2023 fiscal year ended Dec. 31, 2023.

Shane Madden, chief executive officer of Hydreight, commented: "Two thousand twenty-three was an excellent year for Hydreight, and our financial results reflect the continued organic growth across all our divisions and diverse revenue mix. Our investment in our technology and infrastructure in 2023 led to create a fully automated, fully integrated, turnkey solution, which enables nurses to deliver services outside of traditional brick and mortar health care facilities. This has already been paying off by signing up new nurses and white-label clients. We have created one of the only health care technology platforms that works across 50 states and over 700 cities in the United States. Because of that, Hydreight has a significant competitive advantage in the sector."

He continued: "In the last two years, we've experienced significant growth. Looking ahead, our focus includes expanding services for our customers, growing our network of nurses and users, driving white-label partnerships, increasing margins on our pharmacy division, and looking at strategic tuck-in [merger-and-acquisition] opportunities to scale the business quickly and efficiently. We are also working on an artificial intelligence solution to use our existing data from the past few years to suggest the best solutions to the patients. Our goal for 2024 is to continue the growth and being a profitable company by the end of the year."

2023 key highlights and subsequent events:

• Two thousand twenty-three adjusted revenues were $17.05-million, and generally accepted accounting principle revenues were $11.51-million.
• Two thousand twenty-three gross profit margin (GAAP) was 43.11 per cent in the year 2023 compared with 43 per cent in 2022.
• The company expanded its services to over 700 cities across 50 states in the United States.
• The company has approximately 107 white-label locations nationwide, with new locations opening every month.
• On Dec. 20, 2023, Hydreight added Semaglutide to product offerings. Studies have shown that Semaglutide injections can be used together with diet and exercise to help control your blood sugar and help lose weight and keep the weight off.
• On Nov. 8, 2023, Hydreight was named one of Canada's companies to watch as part of the 2023 Deloitte Technology Fast 50 program. The award highlights the company's significant organic revenue growth of 250 per cent year over year, and validates the business operations and key differentiators Hydreight has in the market.
• On Oct. 19, 2023, Hydreight launched NAD+ as part of its robust patient service offering on its proprietary health care technology platform. NAD+ or nicotinamide adenine dinucleotide is a co-enzyme central to metabolism, which is found in all living cells and consists of two nucleotides joined through their phosphate groups. Clinical studies have suggested that NAD+ may help to improve cognitive function, energy, weight management and pain management, and may also reduce and reverse effects of aging and more.
• On Oct. 5, 2023, Hydreight provided a corporate update, reflecting significant revenue growth and strong organic operational growth.
• On Aug. 23, 2023, Hydreight announced a nationwide expansion of the doctor network to meet demand across all 50 states across the United States.
• Hydreight partners with Ola Digital Health, an independent, national pharmacy network, to provide health and wellness services in store.
• Hydreight partners with American Frontline Nurses with a network of over 26,000 nurses.

The company believes the non-generally accepted accounting principle financial measures provide meaningful insight to aid in the understanding of the company's performance and may assist in the evaluation of the company's business relative to that of its peers.

Hydreight has expanded each division according to the revenue generation and needs of each specific division, scaling while the division's initiatives are performing.

An attached table sets out a summary of certain financial results of the company over the past eight quarters and is derived from the audited annual consolidated financial statements and unaudited quarterly consolidated financials statements of the company.

The company has experienced dramatic user growth over the past three years as can be seen by the consistent revenue growth over the past eight quarters. Net loss and comprehensive loss on core operations have decreased slightly, though generally remained comparable from the fourth quarter of 2022 through the current period when looking only at operating expenses, not including stock-based compensation, capital markets expenses and the reverse takeover transaction related expenses included in the fourth quarter of 2022.

The company continues to deliver on its mission of building the largest mobile clinical network in the United States. Through its medical network, the pharmacy network and the proprietary technology platform that adheres to the complex health care legislation across 50 states, Hydreight has provided a fully integrated solution for health care providers to become independent contractors.

Hydreight remains focused on its strategic priorities of: (1) on boarding and supporting additional nurses on the platform; (2) adding more product and service offerings for its customers; (3) increasing pharmacy margins; (4) driving white-label partnerships; and (5) looking for strategic tuck-in M&A opportunities to scale and expand the business quickly and efficiently. Hydreight will continue to invest into its technology to ensure continuous improvements, advancements and updates adhering to changes within the health care industry.

Please see SEDAR+ for the company's condensed consolidated audited financial statements and management's discussion and analysis for audited annual consolidated financial statements for the year ended Dec. 31, 2023.

Investor webinar

The company's management team will be hosting a webinar to discuss the financials.

Date/time:  Wednesday, May 1, 2024, at 11 a.m. PT/2 p.m. ET

About Hydreight Technologies Inc.

Hydreight is building the largest mobile clinic network in the United States. Its proprietary, fully integrated platform hosts a network of over 2,500 nurses, over 100 doctors and a pharmacy network across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking and managing patient data, which enables licensed health care professionals to provide services directly to patients at home, the office or the hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, medspa technicians and other licensed health care professionals. The Hydreight platform allows health care professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has a 503-billion-pharmacy network, servicing all 50 states, and is closely affiliated with a U.S. certified e-script and telemedicine provider network that provides services in over 650 cities and growing.

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